German economy shrinks by 2.2% in Q1 over virus downturn

0
8

The German economy shrank by 2.2% in the first quarter of the year compared to the same period in 2019 amid a global downturn linked to the coronavirus pandemic

BERLIN — The German economy shrank by 2.2% in the first quarter of the year compared to the same period in 2019 amid a global downturn linked to the coronavirus pandemic.

Germany’s Federal Statistical Office said Monday that it was the biggest quarterly decline since the 2008-2009 global financial crisis.

Figures show that private consumption and exports were the hardest hit. Investments in the engineering sector, construction and public expenditure helped prevent an even bigger downturn.

As Germany’s economic dipped 0.1% in the last quarter of 2019, the country has entered what is known as a “technical recession.”

0 0 vote
Article Rating
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments